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Virgin Metals Inc. (the "Company" or "Virgin") (TSX VENTURE:VGM) is pleased to provide additional information regarding its previously announced proposed rights offering (the "Rights Offering"). The Rights Offering will be made available to all eligible shareholders of the Company, being those holders of common shares of Virgin (the "Common Shares") at the close of business on the Record Date (as hereinafter defined) who reside in any one of the provinces and territories of Canada, other than Québec (the "Qualifying Jurisdictions"). Under the terms of the Rights Offering, the Company intends to issue to each eligible shareholder one right (each, a "Right") for every one Common Share held. Eight Rights will permit the holder to subscribe for one unit (each, a "Unit"). Each Unit will be issued at a price of $0.20 and will be comprised of one Common Share and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.25 per Common Share until expiry two years after the date that the Warrant is issued.

The Company recently received approval from the TSX Venture Exchange (the "TSXV") as well as the securities commissions in each of the Qualifying Jurisdictions to proceed with the Rights Offering. In light of the foregoing, Virgin now anticipates that the record date for the Rights Offering will be on or about November 5, 2010 (the "Record Date"). The Rights Offering circular, which contains instructions on how to use and exercise Rights will be mailed following the Record Date to all shareholders of record at the close of business on the Record Date. The Rights Offering will not be subject to any minimum subscription level.

As a result of the interest shown in Virgin's most recent private placement, the Company also intends to close an additional non-brokered private placement of up to 1,352,500 units (the "Private Placement") on or about November 10, 2010 on the same terms as the Rights Offering. Each Unit will be issued at a price of $0.20 per Unit for aggregate gross proceeds of up to $270,500. Each Unit will be comprised of one Common Share and one Warrant. Each Warrant will entitle the holder to purchase one Common Share at any time for a period of two years, at a price of $0.25 per Common Share.

In the event that the Private Placement and the Rights Offering (collectively, the "Offerings") are fully subscribed, Virgin will receive gross proceeds of approximately $958,326. The net proceeds to Virgin from the Offerings will be used to advance the pre-feasibility report on the Company's Los Verdes property, as well as for working capital and general administrative purposes. The Company currently has 27,513,040 Common Shares issued and outstanding.

About the Company

Virgin is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is currently the subject of a pre-feasibility study while the other, Cuatro Hermanos, is the focus of ongoing exploration efforts.

Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", including the Record Date, use of proceeds, size and pricing of the Offerings that involve various known and unknown risk and uncertainties and other factors, such as market conditions. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, Virgin expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the Investment Industry Regulatory Organization of Canada nor the TSXV accepts responsibility for the adequacy or accuracy of this press release.